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Happy Liberation Day, People 💛
Or at least that’s what Trump calls the day he plans unleash reciprocal tariffs on the rest of the world.
That’s his path to a better US economy—even if that means making the markets (equity and crypto) unwilling martyrs.
In Today’s edition
🌕Market Watch
🌕Elon Musk Sides Brian Armstrong
🌕$BIO: The Big Deal?
🌕The Case For Better Crypto Yield
Market Watch 🔍
While equities ticked upward and Bitcoin edged up 2% to $85K, the real story is today’s rollout of tariffs.
Hold your bags tight, people.
BTC's dominance, now approaching cycle highs at 63%, proves that the market is still consolidating strength.
Meanwhile, altcoins were in freefall on Binance yesterday.
ACT, the once-hyped Solana AI memecoin, plunged 50% within minutes. The culprit? A mix of Binance leverage adjustments and mass liquidations by market makers.
Solana On-chain Mindshare
Observers speculated about margin squeezes, but Binance later pinned it on four major traders unloading roughly $1 million in ACT.
This domino effect sent other lesser-known tokens like DEXE, KAVA, HIPPO, and even LUMIA tumbling.
TST, the Binance test token degens pumped beyond its intended use for a tutorial, finally had its freefall, too.
On the flip side, AI investments are booming on OpenAI’s record $40 billion raise.
This rising tide is lifting all ships, even in crypto waters.
CoreWeave surged 38% post-IPO, and AI-focused crypto assets—including NEAR, ICP, TAO, and RENDER—saw a notable boost.
This divergence in fortunes highlights an evolving trend: while crypto continues to wrestle with regulatory and macro uncertainty, AI remains a beacon of investor confidence.
For now, the major questions on everyone's minds are what the POTUS is up to today and how the market will react.
Made In USA 🇺🇸
If you ran a social media company (X) with plans to launch a fintech product, you’d probably be upset if American laws allowed agencies to randomly request your users’ financial data.
So you’d join hands to fight against it—even before you launch your product—because you’re literally fighting for your future.
Elon Musk gets it.
The News:
In a Supreme Court filing, X urged the justices to block the IRS from accessing Coinbase user data through what it calls “suspicionless” subpoenas.
The case stems from a 2020 lawsuit by James Harper, a Coinbase user who accused the IRS of unlawfully seizing his financial records.
A lower court sided with the IRS last year, but now, with the Supreme Court requesting a federal response, the battle over privacy rights in crypto is heating up.
Meanwhile, the SEC and Gemini have hit pause on their legal feud.
In a joint motion, both parties requested a 60-day stay to explore a potential resolution in the regulator’s lawsuit against the exchange over its Gemini Earn program.
The SEC has been quietly dropping cases against crypto firms—including Coinbase, OpenSea, and Immutable—marking a U-turn from the days of good ol’ Gensler
As regulatory tides turn, Gemini is reportedly eyeing an IPO this year, fresh off hiring a new CFO.
The Winklevoss chief said last month that the SEC had informed him of their intention to drop the case.
Bio Protocol, The DeSci Flagbearer?
Bio Protocol, which continues to edge toward sector dominance in decentralized science (DeSci), has launched its major upgrade Bio V1.
Built on Base and Solana, the update transitions Bio Protocol from an off-chain accelerator to a fully permissionless financial layer, expanding both research funding and BIO token utility.
At the core of the upgrade is the BioDAO Launchpad, a new funding mechanism that replaces Bio Protocol’s previous hand-picked model with a fully on-chain process.
Projects seeking capital now go through a clearly defined fundraising process on the protocol.
The upgrade also introduces BioAgents, AI-driven systems that optimize governance, funding, and scientific research.
These agents will automate financial and governance tasks and support research development.
With over $34 million in funding facilitated since launch and BIO trading on Binance, Bio Protocol is pushing DeSci into the mainstream.
By integrating AI and crypto, the platform aims to democratize biotech research, making it more efficient, accessible, and community-driven.
Bio is already up 3% on the news. If you see the potential here, trade $BIO directly on Token Metrics.
$BIO analytics on Token Metrics
The Case for Better Crypto Yield
Coinbase CEO Brian Armstrong wants stablecoins to do more than just sit in wallets.He wants ALL of them to generate yield.
Right now, major stablecoin issuers (read USDT and USDC) collect interest from reserves held in U.S. Treasuries, while consumers get nothing.
Armstrong argues this needs to change, making stablecoins function more like interest-bearing accounts and less like free loans to issuers.
The opportunity is clear. Traditional savings accounts offer a paltry 0.01% interest, while the Fed’s benchmark rate is 4.75%.
Allowing stablecoin holders to earn yield could provide a global alternative to banking, giving billions access to interest-earning U.S. dollars without the friction of traditional finance.
More yield in consumers’ hands means more spending, saving, and investing—fueling both personal wealth and broader economic growth.
But there’s a catch: regulation. Under current laws, stablecoins don’t qualify for the same exemptions as savings accounts, meaning issuers can’t legally pass on interest without jumping through regulatory hoops.
With stablecoin legislation in progress, Armstrong sees a window to push for change.
Meanwhile, DeFi yield isn’t waiting. Upshift, a new platform spun out of prime brokerage firm August, is hoping to bring institutional-grade yield to retail investors.
With $250 million already deposited, it’s betting that stable, passive returns—not just speculation—could be the next big driver of crypto adoption.
“We’re giving every asset issuer the opportunity to augment their product with a yield-bearing option,”
Meme of The Day
What The Coin Is Going On? 🪙
In yesterday’s newsletter, we wrote about the Trump family's latest foray into Bitcoin mining. Truth is, that was just half the story. They’ve confirmed their goals to list through an IPO.
Tariffs are generally not good news for risky assets. But where else would you rather discuss this than here?
Tariffs or not, some companies can’t get their hands off Bitcoin. Gaming retailer Gamestop is now following a strategy made popular by Michael Saylor—and has just closed its $1.3 billion convertible note offering.
BNB notably took a back seat when the Alts ETF frenzy took off post-Trump election. That’s changing now that Vaneck wants a spot BNB ETF.
That’s all for today, folks.
Have a great day, and may the tariffs not nuke us🙏🏽
Your Friend At Token Metrics 💛
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